Shark Phạm Thanh Hưng, Chairman of Columbus Startup Venture Capital Partners’ Investment Council.
“In the first half of 2024, we witnessed terrifying gold price fluctuations. Even more interestingly, gold rings took the crown. I anticipated this situation as the volatility had far exceeded the deviation from the global gold price average. This abnormality is due to various economic factors, consumer trends, and more,” shared Shark Phạm Thanh Hưng, Chairman of Columbus Startup Venture Capital Partners’ Investment Council, in a recent behind-the-scenes video of Shark Tank Vietnam Season 7.
Back in late 2023, when asked about investment prospects, Shark Hưng predicted that gold prices would continue to rise by over 10% in the following year.
“A more than 10% annual increase in gold prices is staggering. The price could reach approximately 80 million VND, even 90 million VND per tael. According to expert analysis, gold price hikes are attributed to factors such as wars and dangers like pandemics. Hence, gold remains a relatively safe investment avenue for investors,” Shark Hưng had stated.
On May 10, 2024, SJC gold bar prices touched a record high of 92.4 million VND per tael (selling price) after a rapid surge, just as Shark Hưng had foretold six months prior. On the same day, gold ring prices also jumped by over 1 million VND overnight, soaring past the 76 million VND per tael (selling price) mark.
Domestic gold prices witnessed a sharp decline and gradually stabilized after the State Bank directed four state-owned banks to directly sell gold to the public, starting from June 3.
However, as Shark Hưng mentioned, the price of gold rings climbed to 78.4 million VND per tael (selling price) on the morning of August 17, the highest since the beginning of the year, against the backdrop of soaring global gold prices. Meanwhile, SJC gold bar prices remained steady, hovering around 78 million VND per tael (buying price) and 80 million VND per tael (selling price).
“Moving forward, I believe gold prices will continue to rise due to numerous global macroeconomic fluctuations, exchange rate volatility, political instability, and wars. Gold has always been regarded as a safe haven for numerous investors.
Gold will experience further significant price hikes. Global gold prices are currently at 2,400 USD per ounce and are projected to climb to 2,800–3,000 USD per ounce this year. Should this come to pass, gold prices in Vietnam will surge to approximately 100 million VND per tael,” expressed Shark Hưng.
Additionally, Shark Hưng cautioned against using borrowed money or idle funds to invest in gold, underscoring the risks associated with such practices.
Deadline for Reporting Gold Market Management and Operations Results to SBV Today, January 31
As per the directive of Prime Minister Pham Minh Chinh, today (January 31, 2024) is the deadline for the State Bank of Vietnam (SBV) to submit a report on the summary of Decree 24, which includes proposals for amending and supplementing certain regulations for managing the gold market.
Gold prices surge as Lunar New Year approaches
On the morning of February 1st, the domestic gold price continued to surge with an increase of 500,000 VND/tael, approaching the 78 million VND/tael mark. As Tet holiday approaches, the price of gold tends to rise sharply.
Gold prices: SJC gold and plain gold rings surge simultaneously
On the morning of January 31st, the prices of SJC gold and 24k smooth gold rings in Vietnam saw a simultaneous increase compared to the previous day.
Gold prices surge to nearly 79 million dong per tael ahead of Tet, investors make huge profits.
After dropping sharply from 80.5 million VND per tael to 74 million VND per tael at the beginning of the year, SJC gold price has been showing signs of recovery recently. On February 2nd, the price of gold continued to rise significantly and reached nearly 79 million VND per tael.
Gold Prices Surge, Exceeding 78 Million Dong per Tael
This morning (2/2), the domestic gold price continued to soar, surpassing 78 million dong per tael. In just 3 consecutive trading sessions, the domestic gold price has increased by 1.8 million dong per tael.
